Canaccord Genuity Group Forecasts Strong Price Appreciation for Royal Bank of Canada (TSE:RY) Stock

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective upped by Canaccord Genuity Group from C$242.00 to C$255.00 in a note issued to investors on Thursday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 10.40% from the stock’s current price.

Several other research firms have also recently issued reports on RY. Scotiabank upped their price objective on Royal Bank of Canada from C$231.00 to C$242.00 in a research report on Friday, January 9th. Barclays lifted their price objective on Royal Bank of Canada from C$221.00 to C$227.00 and gave the stock an “overweight” rating in a report on Thursday, December 4th. BMO Capital Markets raised their price target on shares of Royal Bank of Canada from C$229.00 to C$245.00 in a report on Wednesday, December 17th. National Bank Financial upgraded shares of Royal Bank of Canada from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from C$203.00 to C$231.00 in a research note on Monday, November 17th. Finally, Desjardins boosted their price objective on shares of Royal Bank of Canada from C$240.00 to C$247.00 and gave the company a “buy” rating in a report on Monday, February 9th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of C$235.54.

Royal Bank of Canada Stock Performance

Shares of RY stock opened at C$230.98 on Thursday. The company has a market capitalization of C$323.42 billion, a price-to-earnings ratio of 16.42, a price-to-earnings-growth ratio of 3.42 and a beta of 1.28. Royal Bank of Canada has a one year low of C$151.25 and a one year high of C$240.34. The company’s 50-day moving average is C$232.34 and its 200 day moving average is C$211.95.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its earnings results on Wednesday, December 3rd. The financial services provider reported C$3.85 earnings per share (EPS) for the quarter. Royal Bank of Canada had a net margin of 28.23% and a return on equity of 13.27%. The firm had revenue of C$17.21 billion for the quarter. As a group, research analysts predict that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Royal Bank of Canada news, Director David Ian Mckay sold 91,288 shares of the stock in a transaction on Friday, December 12th. The stock was sold at an average price of C$228.75, for a total value of C$20,882,130.00. Following the completion of the sale, the director owned 5,873 shares in the company, valued at approximately C$1,343,448.75. This represents a 93.96% decrease in their position.

About Royal Bank of Canada

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S. and other countries.